Experts state there will be no huge foreclosure crisis like 2008. This is good news! The nation is not in the same scenario, back then the housing market was flooded with foreclosed and short sale homes. Thousands of bad loans were approved that people could not afford and loss in equity. This is not the case now. Lending standards have increased so that seriously qualified buyers are not approved with high risk of defaulting. Interest rates are high starting summer of 2022, with buyers making their monthly payments and buyer demand is high with a shortage of homes. Lending standards for homes are much higher along with almost double equity in 2019-2022. The chart shows the trend. Inflation is starting to show a slow trend that it is working slowly but surely.
The same alternatives are in place as in 2008. There are reinstatement, loan modifications, deed in lieu of foreclosure and short sale. This was a tremendous backlog in 2008 while a short sale was all new and manning was not in place that led to thousands of foreclosures. Nowadays there is enough equity in your home to sell your home right after the pandemic in 2022 and maybe 2023.
Many homeowners have been leveraging their equity to stay in their homes due to inflation. Home equity has been serving as a source of strength for many homeowners. In today's housing market this can be accomplished due to using equity to bail owner out, but has to be accomplished at the right time as for prices are decreasing as per four spikes in the interest rates, June, July, September and November 2022. Look for one more in December 2022. 2023 will be re-evaluated based on observations. Click link to learn more about market correcting /HOUSING-MARKET-CORRECTING---32819---32836---Dr-Phillips-6-22828.html
As a trusted advisor, professional realtor and military veteran I am here to serve you and always on the pulse of the housing market for the Dr Phillips area and all Central Florida. Contact Kevin Strawter at 850 496-6412 and stay tuned and educated in this volatile housing market to purchase or for the sale of your home.
Don't let this shifting market delay your dreams. Data shows homes typically appreciate over time, and that gives your net worth a nice boost. If you are ready to start your journey to homeownership, reach out and stay connected to me today. Click here to learn more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html?